Varun Beverages Raises Nearly Rs 900 Crore Via QIP
PepsiCo India's bottling partner Varun Beverages on Saturday said it has raised Rs 900 crore ($125 million) through qualified institutional placement.
The company sold 1.47 crore shares at an average price of Rs 612 apiece in the sale that opened Sept. 3 and closed Sept. 6, Varun said in a filing. The institutional investors include Norway’s Government Pension Fund Global and Abu Dhabi Investment Authority.
Varun Beverages plans to use the proceeds for investments in units, repaying debts and for acquisitions, if any, according to the terms of the deal, reported by Bloomberg. Earlier this year, it announced plans to acquire PepsiCo's franchise rights in southern and western India.
Shares of the company fell 0.2 percent at close of trading on Friday. They have risen 20 percent so far this year compared with a 2.8 percent decline in the S&P BSE 500 Index.